ineligible condominium property
Defined in 1 dictionary — U.S. Code
United States Code
12 U.S.C. § 1441A — under this section
The term “ineligible condominium property” means a condominium unit, as such term is defined in section 3603 of title 15—
(I) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary corporation has as its principal business the ownership of real property);
(II) that has an appraised value that does not exceed the applicable dollar amount limitation for the property under paragraph (9)(D)(ii)(II); and
(III) that is not an eligible condominium property.
12 U.S.C. § 1831Q — for purposes of this section (2 versions over time)
The term “ineligible condominium property” means any eligible condominium property to which the provisions of this section do not apply as a result of the limitations under subsection (b)(2)(A).